Indigrid Technology raises $5M from Cactus Partners
Indigrid Technology will primarily use this capital to expand its production capacity in the EV component space.
Electric vehicle component startup has raised $5 million from Cactus Partners, an early growth-stage venture capital fund. This is the first institutional round for the startup.
Indigrid Technology, which has its manufacturing operations in Manesar, Haryana, will be using the capital to expand its production capacity, diversify product offerings, and other growth initiatives.
"This investment will enable us to boost our product development efforts, ensuring we stay ahead of the high growth demand curve in the rapidly-evolving EV market. Our focus on creating high-quality and reliability is paramount, and this partnership will support and enhance our mission,” said Sameer Narang and Rishab Puri, co-founders, Indigrid.
The teams of Cactus Partners and Indigrid Technology
Founded in 2017, Indigrid Technology has two main lines of business--EV components and contract manufacturer in the electronics system design and manufacturing segment.
The funding into Indigrid Technology is the seventh investment made by Cactus and the second in the EV component manufacturing space. The fund, which started investing in January 2021, has already made investments in companies such as Kapture, Vitraya, AMPM, Auric, Lohum, and Rubix, where it has exited.
"We believe the time is right for Indigrid to build upon its initial success and establish itself as a critical member of the growing EV ecosystem in the country. Indigrid will be a leading example for the ‘make in India’ initiative. In line with our strategy, Cactus will support the company with our growth acceleration playbook (GAP),” said Amit Sharma, General Partner at Cactus.
In December last year, Cactus Partners had concluded the final close of Fund I at a total corpus of about Rs 630 crore. The fund has a broad sector focus, with its primary interests being in climatetech, healthtech, and B2B SaaS businesses.